Thursday, 20 August 2015 16:12

Market Report - August 21, 2015

Pressure on Capesize rates were the determining issue again this week as the Baltic Dry Index closed weaker yesterday on 1014 points compared to 1046 points last week and 1201 points the week before.

 

  Cape Size    

   Panamax        

  Supramax 

Index 

       1679

       1052

        924

Last week

       1875

       1054

        901

Spot time charter     

 $ 12,000/day     

 $ 8,400/day 

$  9,700/day 

One week ago

 $ 13,500/day

 $ 8,400/day 

$  9,400/day

Containers: There was a very modest spike in freight rates in the eastbound Pacific last week as the Shanghai Container Freight Index reported an 11% increase in the spot rate per FEU from Shanghai to the West Coast. Meanwhile carriers are to again attempt to lift rates from Asia to Europe with a GRI of $1,000 on September 1 which represents an increase of about 150% over current disasterous levels.

Tankers: VLCCs have lost some of their bounce, at least temporarily with too many new builds coming on stream and not enough demand to keep everyone busy over the main northern vacation season . Drewry is forecasting annual growth in the crude tanker fleet to accelerate from 0.7% in 2014 to around 5% over the next two years, to reach 377m dwt by the end of 2017. 

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